Political pressure groups and leaders: National Council of Organized Workers or CONATO; National Council of Private Enterprise or CONEP; Panamanian Association of Business Executives or APEDE; National Civic Crusade; Chamber of Commerce; Panamanian Industrialists Society or SIP; Workers Confederation of the Republic of Panama or CTRP
International organization participation: CAN (associate), CCC,
ECLAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD,
IFC, IFRCS, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM,
ISO, ITU, LAES, LAIA (observer), NAM, OAS, OPANAL, OPCW, PCA, RG,
UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US:
chief of mission: Ambassador Eloy ALFARO de Alba
chancery: 2862 McGill Terrace NW, Washington, DC 20008
consulate(s) general: Atlanta, Houston, Miami, New Orleans, New
York, Philadelphia, San Francisco, San Juan (Puerto Rico), Tampa
Diplomatic representation from the US:
chief of mission: Ambassador Simon FERRO
embassy: Avenida Balboa and Calle 38, Apartado 6959, Panama City 5
mailing address: American Embassy Panama, Unit 0945, APO AA 34002
Flag description: divided into four, equal rectangles; the top
quadrants are white (hoist side) with a blue five-pointed star in
the center and plain red, the bottom quadrants are plain blue (hoist
side) and white with a red five-pointed star in the center
Economy
Economy—overview: Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Since taking office in 1994, President PEREZ BALLADARES has advanced an economic reform program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal reform, and encourage job creation through labor code reform. The government privatized its two remaining ports along the Panama Canal in 1997 and approved the sale of the railroad in early 1998. It also plans to sell other assets, including the electric company. Panama joined the World Trade Organization (WTrO) and approved a tariff reduction that will give the country the lowest average tariff rates in Latin America. A banking reform law was approved by the legislature in early 1998. The most important sectors driving growth have been the Panama Canal and other shipping and port activities.
GDP: purchasing power parity—$19.9 billion (1998 est.)
GDP—real growth rate: 2.7% (1998 est.)
GDP—per capita: purchasing power parity?$7,300 (1998 est.)